Zijin Mining Raises Stake In Australia's Norton Gold To 16.98%

HONG KONG, Sep 05, 2011 (Dow Jones) -- Zijin Mining Group Co. (2899.HK), China's largest gold producer by output, said Monday it has raised its stake in Australia's Norton Gold Fields (NGF.AU) to 16.98% for A$27.67 million (US$30 million).

Prior to the acquisition, Zijin had 5.9 million Norton Gold shares, it said in a statement.

Norton Gold is mainly engaged in producing gold and exploring the West Australian gold fields near Kalgoorlie. Its main assets include the Paddington gold mines and Mount Morgan project.

In the year ended 30 June 2010, Norton Gold produced approximately 140,000 ounces of gold, or 4.35 metric tons, Zijin said earlier.